Whether or not you could benefit from using non-disclosure agreements (NDAs) depends on a number of factors, including which parties you will be sharing information with and what kind of information you have to share.
In Texas as well as in a number of other states, your trade secrets are already protected under the law to some extent. In addition, your patented, trademarked, and copyrighted information is also safe from others. However, a non-disclosure agreement can add a layer of protection to your trade secrets and protect any intellectual property that has not yet been officially registered or copyrighted.
Important Times to Utilize NDAs
- When you are developing or inventing a new product or procedure.
- When you are speaking with potential investors for a product or business.
- When you are working with another company to create a new product or service.
- When your employees will have access to information like customer purchases, financial information, and sales figures.
- When you are working with an independent contractor who might also work for competitors.
In the best situations, a well-written NDA will keep your trade secrets and intellectual property properly guarded. In the worst situations – in which your secrets are shared, sold, or misused – an NDA gives you the ability to take legal action and possibly collect damages.
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